Asian Paints, the largest paint manufacturing company, announced that Asian Paints International, a subsidiary of the company has transferred its entire holding of of 49% in Asian Paints Middle East and 100% in Asian Paints Tonga to Berger International, a wholly owned subsidiary of the company.

The stake transfer comes as a part of the company's strategy to consolidate investments in overseas subsidiaries.

Earlier the company had informed Asian Paints International had transferred its entire holding of 89.78% held in Asian Paints Bangladesh to Berger International.

Shares of the company declined Rs 7.5, or 0.89%, to trade at Rs 831.45. The total volume of shares traded was 54,174 at the BSE (1.35 p.m., Tuesday).